The spine implants market in the US was valued at more than $8 billion in 2015 and is expected to reach almost $11 billion by 2020, says Technavio.
Technavio’s orthopedics and general medical devices portfolio has announced its latest market research report on spine implants in the US for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the spine implants market in the US during the forecast period. Some of the top vendors listed in this industry analysis include Medtronic, DePuy Synthes, Stryker, and NuVasive.
“Robotic and customized patient solutions are becoming increasingly popular in the spine implants market in the US. Robotic technology allows the surgeons to plan the surgery and execute the procedure with utmost precision. Customization works as an added advantage in providing better patient solutions by guiding surgeons during the procedures. The market penetration of surgical robots is about 35% and is expected to increase over the next four years,” says Barath Palada, a lead analyst at Technavio for orthopedics and general medical devices.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increasing prevalence of spinal disorders such as spinal stenosis
Spinal stenosis is a condition wherein the pressure on the spinal cord and nerves increases because of the narrowing of space in the spine. Factors such as changes in lifestyle, increasing older population, and rise in obesity cases in the country have spurred an increase in the incidence of spinal stenosis in the US. The recent increase in the number of spine surgeries in the region is also attributable to the growing older population. There were more than one million people in the US with lumbar stenosis in 2015. This number is anticipated to double by 2020.
Outpatient spinal surgery for saving cost
Conventional spinal procedures are being replaced by the MIS as they help in improving the quality of life of the patient. The rise in popularity of MIS procedures is attributable to advantages such as safety and efficacy, minimal blood loss, and speedy recovery. Outpatient surgeries also reduce the post-operative stay in the hospital, which results in reduced hospital expenses. These surgeries are conducted in the ASCs mostly, which are also known as ambulatory or same-day surgeries.
Increased preference for MIS
Growing awareness about MIS and its several advantages is fueling its adoption in the spine implants market in the US. MIS involve the smaller incision compared with conventional spinal surgeries, which reduces blood loss during the surgery and minimizes chances of complications. An open surgery takes around 3 hours and involves 400-500 mL of blood loss during the procedure, while the MIS procedure takes around 1.5 hours and involves around 40-50 mL of blood loss. The overall cost of MIS procedure is lesser than that of invasive procedures. These surgeries can also be performed in the ASCs, reducing the cost of hospital stay and post-operative cost.
Some of the other prominent vendors identified in this report are AccelSPINE, AESCULAP, Alliance Spine, Alphatec Spine, Amedica Corporation, Globus Medical, K2M, LDR, Life Spine, Orthofix, Paradigm Spine, Precision Spine, RTI Surgical, Spine Surgical Innovations, Spineology, Titan Spine, TranS1, Wenzel Spine, Zimmer-Biomet, and Zyga Technology.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Spine Implants Market in the US 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Lumbar Spine Fusion Market 2016-2020
- Global Spine Surgery Market 2015-2019
- Global Spinal Implants Market 2016-2020
- Global Spinal Cord Stimulation Devices Market 2016-2020
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